01:28 PM EDT, 07/30/2026 (MT Newswires) -- Tech stocks were sharply higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 5% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing up 6.9%.

The Philadelphia Semiconductor index popped 7.8%.

In corporate news, Microsoft ( MSFT ) shares jumped past 16% after the company reported higher-than-expected fiscal Q4 results in the previous day.

Taiwan Semiconductor Manufacturing ( TSM ) is developing advanced AI chip-packaging technology akin to what Intel ( INTC ) already offers, as it looks to better compete with a distant rival, The Information reported. Taiwan Semiconductor shares climbed 8%, and Intel ( INTC ) gained 13%.

Meta Platforms ( META ) shares fell 9% after it provided a soft Q3 revenue outlook following an unexpected year-over-year decline in quarterly earnings. Meta also raised the lower end of its capital expenditure guidance.